Advanced MathHardValue after two years of 10% growth
Advanced Math practice question
An account holds $500 and grows by 10% each year, compounded annually. How much is in the account, in dollars, after 2 years?
Answer: 605
500 × 1.1² = 605.
Common wrong answers
- If you answered 550
- 550 is after one year.
- If you answered 600
- 600 adds $50 twice, ignoring compounding.
- If you answered 665.5
- 665.5 is after three years.
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